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Microeconomics is a special branch of economics that deals with the association of buyers in addition to sellers. It helps in the study and understanding of various factors that controls decision making of the seller as well asthe buyer.
One of the most important branches of microeconomics is demand and supply. The concepts that are related to demand and supply are elasticity of demand, aggregate demand plusin addition to demand pull inflation. Another related concept of microeconomics is Marginal Revenue. Marginal Revenue means additional revenue, which a producer collects by selling one extra unit of any given service or good.
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